The Big Spenddown: Digital Investment Advice and Decumulation
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decumulation strategies
investing in retirement
payouts
robo-advisor
Behavioral Economics
Finance
Income Distribution
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Abstract
Digital investment advice providers have traditionally focused on the process of assets accumulation. But as Baby Boomers and Gen Xers age, they will need to shift from accumulation to decumulation, and there is less agreement about how to manage payouts during retirement. This chapter provides on overview of digital investment advice in the U.S., explores how digital advice providers are thinking about and executing decumulation strategies, identifies challenges they face, and discusses how these decumulation strategies could affect investors.
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The published version of this working paper may be found in the 2019 publication: The Disruptive Impact of FinTech on Retirement Systems (https://pensionresearchcouncil.wharton.upenn.edu/the-disruptive-impact-of-fintech-on-retirement-systems/)